Estimate your monthly home loan payment, including principal, interest, property tax and insurance, instantly and privately in your browser.
Down payment cannot be more than the home price.
This mortgage calculator estimates the monthly payment on a home loan from a few simple inputs: the home price, your down payment, the loan term, the interest rate and, optionally, yearly property tax and home insurance. It works out the loan amount, your monthly principal and interest, the total interest you will pay over the life of the loan and the all-in total of payments. Everything is calculated instantly in your browser, so none of your figures are sent anywhere.
The monthly principal and interest uses the standard amortising formula: M = P x r x (1 + r)^n / ((1 + r)^n - 1), where P is the loan amount, r is the monthly interest rate (annual rate divided by 12) and n is the number of monthly payments. Property tax and insurance are spread evenly across the year and added on top.
Reviewed by the ToolBrainy Team · Calculations run entirely in your browser · Last updated July 2026
Use the full purchase price as the home price, then enter how much you plan to put down. The calculator subtracts the down payment to find the loan amount. A down payment below 20% typically triggers private mortgage insurance (PMI) in the US — this calculator does not include PMI, so factor that in separately if it applies to you.
Enter the term in years — 30 and 15 are the most common choices — and the annual interest rate from your lender's offer. A 15-year term carries a lower rate but a higher monthly payment; a 30-year term is more affordable month-to-month but costs significantly more in total interest. Try both to see the difference.
Enter your estimated annual property tax and home insurance if you know them — you can leave these blank and get just the principal-and-interest figure. The result shows your total monthly payment broken out by component, plus the total interest and total cost over the full loan term.
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A $350,000 home with a $70,000 down payment, 30 years at 6.5%, works out to roughly $1,771 per month in principal and interest. Add $250/month for property tax and $100 for insurance and your all-in payment is about $2,121 — a realistic budget-check before making an offer.
The same $280,000 loan at 6.5% over 30 years costs around $1,771/month in P&I and over $357,000 in total interest. Switching to 15 years raises the payment to about $2,441 but cuts total interest to around $159,000 — a saving of nearly $200,000 for roughly $670 more per month.
If you are saving towards a larger deposit, use the calculator to see the effect. On a $400,000 home, raising the down payment from 10% to 20% reduces the loan by $40,000 — cutting the monthly P&I by over $250 and saving tens of thousands in interest over the full term.
If you are considering refinancing, enter the remaining balance as the home price (with zero down payment) at the new rate and remaining years. Compare the new monthly payment against what you currently pay to quickly see whether the monthly saving justifies the refinancing costs.
Before locking in a variable-rate mortgage, run the same loan at your current rate and then at 1–2% higher. Seeing how much the payment rises if rates move helps you decide whether the lower starting payment on a variable rate is worth the risk.
Work backwards: enter a monthly payment you know you can afford, then adjust the home price and down payment until the result matches. This gives you a realistic ceiling for your property search before you start viewing homes.
The principal and interest portion uses the standard amortising formula: M = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan amount (home price minus down payment), r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the number of monthly payments. If you enter property tax or home insurance, those are divided by 12 and added on top to give the total estimated monthly payment.
Yes, in two ways. A larger down payment reduces the loan amount, which directly lowers the monthly P&I and the total interest paid. On a $400,000 home, increasing the down payment from $40,000 (10%) to $80,000 (20%) cuts the loan by $40,000 — reducing the monthly payment by over $250 and saving tens of thousands in interest over 30 years.
A 15-year term means a higher monthly payment but dramatically less total interest — often saving six figures on a large loan. A 30-year term is more affordable month-to-month, which matters if cash flow is tight. There is no universal right answer; use the calculator to run both scenarios with your actual numbers and decide based on what your budget can genuinely sustain.
No. Private Mortgage Insurance is typically required in the US when the down payment is below 20% of the home price. The cost varies but is usually 0.5–1.5% of the loan amount per year. If PMI applies to you, add your estimated monthly PMI cost to the result shown here to get a more accurate figure.
This calculator covers principal, interest, property tax, and home insurance — the four core components of most mortgage payments. It does not include closing costs, HOA fees, ongoing maintenance, or utilities. Before buying, budget for these additional costs; they can add several hundred dollars a month to the true cost of homeownership.
Yes — completely free with no account required. All calculations run locally in your browser and no financial information is sent anywhere.
No. The Mortgage Calculator runs entirely in your web browser, so there is nothing to download or install — just open the page and enter your figures.
Yes. The tool works in any modern mobile browser, so you can estimate monthly payments on your phone or tablet the same way you would on a desktop.